First Capital Provides $7.5 Million ABL to Gardner Glass Products
First Capital announced that it has provided a $7.5 million asset-based senior credit facility to Gardner Glass Products, Inc., a producer of quality mirror and glass products in the United States. The senior credit facility consists of a $6.5 million working capital revolver collateralized by accounts receivable and inventory, and a machinery and equipment term loan in the amount of $1 million.
In addition to refinancing the previous lender, proceeds will be used to support the company’s turnaround strategy and growth. First Capital was chosen to do the transaction because of its ability to provide Gardner Glass with the flexibility needed for continued growth as well as the speed needed to close the facility.
“The recession in the construction and housing industry has created a challenge for many material suppliers including Gardner Glass,” remarked Melissa S. Lackey, CFO of Gardner Glass. “While we have successfully pulled through and are experiencing a period of sales growth, we were looking for a financial lender that would be able to provide the working capital for further growth. This new credit facility from First Capital provides increased flexibility to implement our strategic initiatives.”
This transaction was referred to Mark Pickering by Dennis Gerrard of Aurora Management Partners and will be serviced by First Capital’s MidSouth region managed by John Nooney and located in Atlanta.
First Capital provides working capital financing ranging from $3 million to $20 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $200 million.